Overview
| Objective | Seeks capital appreciation and, secondarily, current income. |
|---|---|
| Strategy | Invests in a diversified portfolio of equity securities of companies that represent excellent value relative to their current price. The Fund seeks a higher return than the market index over time as the stocks it purchases rise in price to more normal valuations. |
| The Management Team | The Fund is managed by the Equity Strategy Team, a group of senior-level investment professionals who average 38 years of experience. |
| Risk/Return |  In general, greater returns are associated with greater risks. |
Fund Statistics
| Inception Date | 03/03/97 |
|---|---|
| Ticker Symbol | CFVLX |
| Cusip | 200626828 |
| Minimum Initial Investment | $1,000 |
Commentary
Value‑oriented equities continued to demonstrate relative resilience during the first quarter as market leadership broadened and investors rotated away from growth‑focused segments amid heightened geopolitical uncertainty. While broader equity markets experienced pressure from higher energy prices and shifting interest rate expectations, value stocks generated positive returns across several sectors. Energy and materials led performance during the period, while industrials also contributed, reflecting investor positioning amid evolving macroeconomic conditions. For the quarter, The Commerce Value Fund returned 3.99%, outperforming the Russell 1000 Value Index, which returned 2.10%.
Stock selection contributed positively to relative performance. The Fund’s strongest individual contributors during the quarter included Littelfuse, Inc (1.39%), Lockheed Martin Corporation (1.77%), and KLA Corporation (2.15%), which returned 34.45%, 25.60%, and 21.33%, respectively. These gains were partially offset by weaker performance from Blackstone Inc. (0.00%), Abbott Laboratories (1.84%), and Broadcom Inc. (1.84%), which returned -7.40%, -17.64%, and -10.39%, respectively.
Sector allocation also contributed to results for the quarter. An overweight position in the energy sector enhanced performance, as energy was the strongest‑performing sector during the period. Conversely, an overweight allocation to the communication services sector detracted from relative performance, as that sector produced negative returns over the quarter.
| Total Fund Assets as of 3/31/2026 | $227,582,124 |
|---|---|
| Net Asset Value1 | $33.10 |
| Asset Allocation | |
| Equities | 99.9% |
| Cash | 0.01% |
| Weighted Average Market Capitalization | $371.3 billion |
Top 10 Equity Holdings2 as of 3/31/2026
| Alphabet Inc. Class A | 2.9% |
|---|---|
| JP Morgan Chase & Co. | 2.4% |
| Berkshire Hathaway Inc Class B | 2.3% |
| Exxon Mobil Corporation | 2.3% |
| KLA Corporation | 2.2% |
| Chevron Corporation | 2.2% |
| Monolithic Power Systems, Inc | 2.2% |
| Merck & Co., Inc. | 2.1% |
| Eaton Corp. Plc | 2.1% |
| Morgan Stanley | 2.1% |
Holdings and allocations shown are unaudited, and may not be representative of current or future investments. Holdings and allocations may not include the Fund's entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.